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Moody's rates Hainan Airlines bonds A1
Moody's Investors Service said it assigned a definitive A1 rating to the $500 million 3 5/8% credit enhanced bonds due 2020 issued by Hainan Airlines (Hong Kong) Co., Ltd. and supported by an irrevocable and unconditional standby letter of credit from the Bank of China Ltd.
The rating addresses the expected loss posed to investors by the legal final maturity, Moody's said.
The rating addresses only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors, the agency said.
The rating on the bonds is the same as Bank of China's senior unsecured debt rating as the bonds are fully supported by an irrevocable and unconditional renminbi-denominated standby letter of credit provided by Bank of China through its Hainan branch, Moody's said.
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